Through its artificial intelligence (AI) sandbox program, Malaysia hopes to establish 900 startups by 2026.
The Malaysian Ministry of Science, Technology, and Innovation (MOSTI) announced in a statement that it has started the Artificial Intelligence (AI) Sandbox Pilot Program. This shows that MOSTI is committed to advancing AI by developing AI talent in partnership with other governmental agencies and business partners.
With artificial intelligence (AI) driving innovation, productivity, and competitiveness, the National Technology Innovation Sandbox (NTIS) and NVIDIA have partnered strategically to launch this initiative, which is expected to catapult Malaysia into a knowledge-based economy.
“The program envisions facilitating the establishment up to 900 AI startups by 2026, nurturing the development of over 13,000 new AI talents and potentially stimulating up
to 10 percent economic growth through the creation of new industries and job opportunities we are setting a new benchmark for Malaysia’s presence on the global stage,” said Chang Lih Kang, Minister of Science, Technology and Innovation.
According to him, this further demonstrates Malaysia’s resolve to fostering innovation and competitiveness in the global arena and is entirely consistent with the country’s objective of nurturing 100 AI companies that will bring in MYR 1 billion (209 million US dollars) in revenue by 2030.
Starting on a virtual platform, the first phase of the sandbox program will be open to any AI startups that are eager to participate and contribute to the program’s objectives. The lead secretariat for this program is Malaysian Research Accelerator for Technology and Innovation (MRANTI).
In addition to generating new economic opportunities, the statement claims that this partnership encourages entrepreneurship, draws in foreign capital, and generates high-value job opportunities in Malaysia’s developing AI-driven industries.
Assuring that Malaysia’s workforce stays competitive and adaptive in the quickly changing landscape of AI-driven industries, MOSTI said that this will further contribute to addressing the training and capacity building on AI with support from NVIDIA.
As mentioned, the AI Sandbox Pilot Program aims to increase the uptake of AI technology in Malaysian companies, thereby reducing the disparity between current practices and international industry standards.
In order to demonstrate the practical advantages and viability of AI technology, as well as its potential for a sizable return on investment and long-term benefits, the initiative promotes the implementation of trial projects and proofs of concept within these organizations.
